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ACCOUNT TYPE

Simple IRA

A SIMPLE IRA is a self-directed employer plan in which the employee can make tax-deferred contributions and the employer can match a portion of those contributions.

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AT-A-GLANCE

What should you know about a Self-Directed Simple IRA?

Tax Benefits

Other Benefits

DISTRIBUTION RULES

What should you know about Simple IRA distributions?

Minimum Distribution Facts

Early Distribution Facts

BELOW AGE 59½ AGE 59½ - 72 AGE 72 OR OLDER
You may distribute cash or assets from your Traditional IRA at any time, though a 10% early distribution penalty will apply. This penalty will be assessed on top of any applicable taxes. Upon reaching age 59½, you will no longer have to worry about the 10% early distribution penalty. Withdrawals will be taxed as regular income and need only occur at your election. You must begin taking required minimum distributions (RMDs) every year. RMDs are calculated in accordance with your age and your account value.
BELOW AGE 59½
You may distribute cash or assets from your Traditional IRA at any time, though a 10% early distribution penalty will apply. This penalty will be assessed on top of any applicable taxes.
AGE 59½ - 72
Upon reaching age 59½, you will no longer have to worry about the 10% early distribution penalty. Withdrawals will be taxed as regular income and need only occur at your election.
AGE 72 OR OLDER
You must begin taking required minimum distributions (RMDs) every year. RMDs are calculated in accordance with your age and your account value.

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GETTING STARTED

How do you fund your Simple IRA account?

Contributions

Employees can enjoy employer contributions while making contributions of their own. Employees can contribute 100% of their compensation up to $13,500 in 2020 and 2021. SIMPLE IRA holders 50 years old or older may contribute an additional $3,000 per year.

Employers can either match employee contributions up to 3% of compensation or contribute 2% of an employee’s compensation to all eligible employees, regardless of their compensation activities.

Transfers

In the case of a SIMPLE IRA, the account must be open for two years before it can be transferred. The following account types can be transferred to or from a SIMPLE IRA: SIMPLE IRA, Traditional IRA, SEP IRA

Rollovers

In the case of a SIMPLE IRA, the account must be open for two years before it can be rolled over. The following account types can be rolled to or from a SIMPLE IRA: 401(k), 403(b), 457(b), Thrift Savings Plan

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OTHER INVESTMENTS

ROI is everywhere if you know where to look.

No financial advisor knows you better than yourself. With a Self-Directed IRA you have the freedom to invest your tax-advantaged retirement funds in the assets you’re most passionate about. From real estate to startups to small businesses to more “out there” opportunities, if you can find it, we will help you fund it.

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EDUCATION CENTER

Want to learn more about Simple IRA accounts?